Torday & Carlisle PLC is pleased to announce that T & C and its subsidiary
Meristem plc ('Meristem') have today completed the sale of the entire issued
share capital of Solvitol for a base consideration of £3.25m and a potential
earn-out consideration up to a maximum of £0.5m.
Looks a good deal and above my top end expectation of value.
Despite cutting borrowing by £1.35M now (with more to come) and knocking out losses (which in the first half were only £162,000) price is up by only 5.5p (increasing market capitalisation by only £662k).
Watch out for the announcement of further share buybacks in the run up to Christmas.
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